Business Briefs

Tuesday, September 11, 2018

Tata Motors global sales up 14% in August
Tata Motors reported yesterday 14% increase in global sales, including that of Jaguar Land Rover (JLR), to 1,07,030 units in August. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range last month were at 45,719 units, up 29% from the year-ago period, the company said in a statement. Sales of all passenger vehicles globally were at 61,328 units in the month, a growth of 4% from August last year, it added. For JLR, global sales were at 42,658 units in August. Jaguar wholesales for the month stood at 14,209 units, while Land Rover sales were at 28,449 vehicles.

IRCON International Rs. 467 cr IPO opens on Sept 17
The government is set to divest around 10% in its railway subsidiary Ircon International, to raise around Rs 467 crore. The company has fixed the price band between Rs 470 to Rs 475 per equity share for its proposed initial public offer (IPO). The IPO is comprising an offer for sale of 9,905,157 equity shares by government, and the issue proposes to open on September 17 and close on September 19. The equity shares will be listed on BSE and NSE. In June this year, railway consultancy firm RITES made successful IPO. In the first three months of the current fiscal, the government has raised about Rs 9,000 crore via Bharat-22 ETF and RITES stake sale. Ircon International is an integrated Indian engineering and construction company, specialising in major infrastructure projects, including, railways, highways, bridges, flyovers, tunnels, aircraft maintenance hangars, runways, EHV sub-stations, electrical and mechanical works and other infrastructure activities.

Three million Apaches sold since 2005, says TVS Motor
Maker of two- and three-wheelers TVS Motor yesterday said its premium motorcycle Apache has recorded sales of over three million units since its launch in 2005. The city-based company has been rolling out the Apache range of models from its facility in Hosur. "We are truly humbled to reach this milestone. I want to express my gratitude to our valued customers in the country and abroad," a press release quoted president and chief executive officer of the company K N Radhakrishnan as saying. "Through the years, TVS Apache has stood for providing unrivalled experience backed by its rich racing pedigree, advanced technology and stylish design. The three million milestone is special..." the release said.

13 SEZ developers, units seek more time to implement projects
As many as 13 SEZ developers and units including G P Realtors, JBF Petrochemicals and Aurobindo Pharma have sought more time from the commerce ministry to implement their projects. Decision on these proposals would be taken by the Board of Approval (BoA) for Special Economic Zones (SEZs) in its meeting on September 12. BoA is headed by the commerce secretary. G P Realtors has sought more time for its electronic hardware and IT/ITES SEZ at Gurugram. "Formal approval to the developer was granted on November 14, 2006. The developer has been granted nine extensions. Last extension was granted by the board in November 2017 till November 13 this year. The developer has requested for further extension up to November 13, 2019," the agenda of the board meeting said.

'Kerala flood: MFIs to be hit the most on weak credit quality'
The floods in Kerala is likely to impact the microfinance institutions (MFIs) the most given the weakened credit quality of the borrowers, a report said. All the lenders are expected to see loss of business and low collection efficiency as the flood-affected borrowers would prioritise restoring normal life in such circumstances, Crisil said in its report yesterday. "The micro lenders (MFIs), many of whom had suspended collections till August 31, will feel the most pressure given the weakened credit quality of the borrowers," it said. The ratings agency also expects delinquencies to rise in the micro, small and medium enterprise (MSME) segment as banks will face pressure to recover money, particularly from those engaged in the manufacturing activity.

New insurance plan for critical illnesses from Bajaj Allianz
Bajaj Allianz Life Insurance yesterday launched a new plan covering 36 critical illnesses for a family of upto six on payment of one premium. The plan named Bajaj Allianz Life Health Care Goal covers illnesses pertaining to heart, lung, liver, cancer, major head trauma, multiple sclerosis, brain surgery among others, managing director and chief executive officer of the insurance firm Tarun Chugh told mediapersons here. "Each individual in the family will be covered by a separate sum assured: self, spouse and children," he said. Furthermore, a claim made for one member does not reduce the sum assured for others, he said.

TGBL restructures overseas ops, exits non-core markets
Tata Global Beverages Ltd (TGBL) has restructured its international operations by merging its businesses in Canada, America and Australia (CAA) and the UK, Europe, Middle East and Africa (EMEA) regions into a single unit. The Tata Group firm has also exited non-core and sub scale markets to focus on core markets. "In Russia, the company has restructured its operating model, it has divested its stake in plantations in Sri Lanka, and exited its joint venture business in China," TGBL said in a regulatory filing.

Amore Health Essentials launches wellness products
Amore Health Essentials – a leading manufacturer of healthcare and wellness products in India, is currently underway in making India a booming economy in the sphere of Nutraceutical industry. The brand caters to a wide range of health products and aspires to become a globally recognized company by the year 2025 in healthcare and nutraceutical segments. The brand Amore Health Essentials consists of an extensive range of organically extracted health & wellness products. The categories of products include Naturals, Nutrition, Supplements and Personal. The brand aims to achieve health goals particularly required to be promoted in today’s era where lifestyle diseases are the biggest hindrance towards achieving overall wellness.

Petroleum prices rising due to global factors: ASSOCHAM
The major factor for rising prices of petrol and diesel is the global macro situation, said industry body ASSOCHAM but expressed hope the tax burden would be brought down to some extent. "It has been our stand that petrol and diesel should be brought under the Goods and Services Tax (GST). However, it may not be feasible at this point of time", ASSOCHAM secretary general, Uday Kumar Varma, told PTI.

Aries (Mar 21 - Apr 20)You are likely to remain careful and watchful today, foretells Ganesha. And because you'll be invited to parties and other social events, your enthusiasm will remain buoyant. You will also strike the right balance between business and pleasure, says Ganesha.